Australian billionaire Brett Blundy has finalised a $700 million deal to reacquire Bras N Things and more major retail brands owned by the Hanes company, just eight years after letting his flagship lingerie retailer go.

The retail magnate behind investment firm BBRC International now has the likes of Bras N Things, Bonds, and Sheridan under his control. It comes after a deal was struck to sell Bras N Things to Hanes Brands for $500 million in 2018.

BBFIT Investments – the Singapore-registered arm of BBRC – completed the purchase from Canadian clothing company Gildan, which acquired Hanes Brands International in 2025. Announced in its second-quarter fiscal results, Gildan said it had made clear its intention to sell the Hanes Brands Australia business around six months prior. The deal is expected to close later this year.

It marks a continued emphasis on the lingerie industry for Blundy, who has spent the previous months leading a failed coup to oust the chair of Victoria’s Secret – Donna James – and another board member. Blundy’s efforts were struck down when shareholders of Victoria’s Secret reappointed the aforementioned board members at the company’s most recent elections.

During the proxy war between BBRC and Victoria’s Secret, the American retailer revealed that Blundy requested his own appointment to the company’s board.

But he now gains control of the near 500-store portfolio of Hanes, 180 of which belong to Bras N Things, Australia’s largest specialty lingerie retailer. Estimated to generate more than $1 billion in annual revenue across the group, Hanes will join Lovisa in the BBRC portfolio as its largest retail holdings.